UK State Pension

[denislawsbackheel]

Yeah mate, been paying it now for almost 18 years, the last 3 being 'voluntary'. Might get a tenner a week of em eventually..

So you’ve qualified for 18/35ths of the state pension.
If you keep paying for 5 years you’ll get 23/35ths.
You can go back 6 years to fill any gaps too.

 

[denislawsbackheel]

The letter i got says they will contact me again in 4 years.

You still have to claim it when it’s due. You don’t get it automatically.

The new State Pension

How to get and claim your State Pension, State Pension age - for men born on or after 6 April 1951 and women born on or after 6 April 1953.

www.gov.uk

 

[SilverFox2]

The letter i got says they will contact me again in 4 years.

Perhaps they will, my wife recently contacted them and they said 3 months before her birthday she should ring again.
Eventually they checked who she said she was with random questions eg work and houses time related.
After that her bank details and then her pension arrived with the letter detailing her weekly amount.

Can't blame them for checking with so much fraud occurring in all benefits. Talked to others who experienced easier processing but it seems to be changing all the time.

 

[dickie davies]

You still have to claim it when it’s due. You don’t get it automatically.

The new State Pension

How to get and claim your State Pension, State Pension age - for men born on or after 6 April 1951 and women born on or after 6 April 1953.

www.gov.uk

I received a letter last year (aged 62) and it said I qualify for the state pension when I reach 67 and I don't have to contact them

 

[Ho Chi Man City]

I thought the maximum was £12548 from April, hence keeping it below the personal tax threshold.

Definitely not, I currently get 994.08 every 4 weeks, up 4.8% in April. On a drawdown private pension which I haven’t touched yet so not sure about the tax implications once I go over the 12,570 threshold.

 

[heslops barnet]

Without us the pharmaceuticals wouldn't be making billions.

And costing the NHS millions

 

[heslops barnet]

I received a letter last year (aged 62) and it said I qualify for the state pension when I reach 67 and I don't have to contact them

5 years is a long way off ;-)

 

[I'm With Stupid]

So you’ve qualified for 18/35ths of the state pension.
If you keep paying for 5 years you’ll get 23/35ths.
You can go back 6 years to fill any gaps too.

In theory. Last year, they had a cut off point to apply for this, which would allow you to go back something like 15 years, and then said that they would phone you. I applied. They phoned me and said they'd email me. Never did. There's no way to phone them. Then a few weeks ago, they phoned me twice, both times while I was at work, and I've not heard from them since. I'm literally volunteering to pay extra taxes in a country I don't live in and they can't be arsed to make it simple.

 

[stonerblue]

5 years is a long way off ;-)

tell me about it..

 

[denislawsbackheel]

In theory. Last year, they had a cut off point to apply for this, which would allow you to go back something like 15 years, and then said that they would phone you. I applied. They phoned me and said they'd email me. Never did. There's no way to phone them. Then a few weeks ago, they phoned me twice, both times while I was at work, and I've not heard from them since. I'm literally volunteering to pay extra taxes in a country I don't live in and they can't be arsed to make it simple.

You can always go back 6 years.
The extension was to go back 19 years to 2006 but it ended last April.
And expat voluntary class 2 NI is abolished next week.

 

[remember arthur mann]

5 years is a long way off ;-)

It's a lifetime. Well it is for a guinea-pig.

 

[Gareth Barry Conlon]

Definitely not, I currently get 994.08 every 4 weeks, up 4.8% in April. On a drawdown private pension which I haven’t touched yet so not sure about the tax implications once I go over the 12,570 threshold.

You should probably be drawing some of that pension. The tax doesn't go away so might as well start taking some out and paying the tax. You will pay basic rate 20% on anything over the threshold up to circa 50k.

 

[Ho Chi Man City]

You should probably be drawing some of that pension. The tax doesn't go away so might as well start taking some out and paying the tax. You will pay basic rate 20% on anything over the threshold up to circa 50k.

I know I can draw 25% tax free but fortunately I don’t need it just yet and before the malarkey in Iran my pot had grown by 13% since last July. No idea what it is now as the app I have is accessed by an OTP which I can’t get as I’m in Spain until this Friday.

 

[Dave Ewing's Back 'eader]

Perhaps they will, my wife recently contacted them and they said 3 months before her birthday she should ring again.
Eventually they checked who she said she was with random questions eg work and houses time related.
After that her bank details and then her pension arrived with the letter detailing her weekly amount.

Can't blame them for checking with so much fraud occurring in all benefits. Talked to others who experienced easier processing but it seems to be changing all the time.

My FOC money was arranged via a simple phone call to Belfast where a nice lad just asked me my name and NI number, possibly my address and I think that was it - circa 2012.

 

[paulchapo]

Definitely not, I currently get 994.08 every 4 weeks, up 4.8% in April. On a drawdown private pension which I haven’t touched yet so not sure about the tax implications once I go over the 12,570 threshold.

If you're just living on your state pension and savings you won't pay any tax on your state pension even if it goes above the tax threshold, so I'm led to believe if I've read it correctly. Obviously you pay tax on any interest above £1,000 on your savings. Once you start drawing your private pension you are taxed at the going rate for anything over the tax threshold.

 

[heslops barnet]

If you're just living on your state pension and savings you won't pay any tax on your state pension even if it goes above the tax threshold, so I'm led to believe if I've read it correctly. Obviously you pay tax on any interest above £1,000 on your savings. Once you start drawing your private pension you are taxed at the going rate for anything over the tax threshold.

If you’re paying tax you’ve got plenty of dosh

 

[Ho Chi Man City]

Remember you have to claim your own pension before it is due. I think it's 3 months before but if you don't they won't tell you until you do.

I received a letter asking me to apply for the pension but as you say was 3 months notice.

 

[SilverFox2]

My FOC money was arranged via a simple phone call to Belfast where a nice lad just asked me my name and NI number, possibly my address and I think that was it - circa 2012.

Yes, that's how I remembered it many years ago except it was a Newcastle accent.
Things have changed I think because of fraudulent claims for all benefits hence new systems and much more checking.

 

[SilverFox2]

If you’re paying tax you’ve got plenty of dosh

Exactly,I wish I was paying a lot more tax.

 

[Ho Chi Man City]

If you're just living on your state pension and savings you won't pay any tax on your state pension even if it goes above the tax threshold, so I'm led to believe if I've read it correctly. Obviously you pay tax on any interest above £1,000 on your savings. Once you start drawing your private pension you are taxed at the going rate for anything over the tax threshold.

Cheers, I was not sure about how the tax worked on the drawdown which had increased significantly. I will be above the 12,570 threshold just from my state pension but as my savings are invested in ISA’s I’ve no tax liability from those.

The drawdown is 25% tax free but the rest will be subject to 20% taxation if I keep the total income under the 50k level which I definitely will.

Like other fortunate Seniors I’ve probably not got enough years left to see out my money but I’ll give it a bloody good go!